LEGISLATIVE ACTION ITEM
SPONSOR: Ashton J. Hayward, III, Mayor
SUBJECT:
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CITY OF PENSACOLA HOMEBUYER INCENTIVE PROGRAM
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RECOMMENDATION:
recommendation
That City Council approve a modification to the City of Pensacola Homebuyer Incentive Program eligibility criteria to remove the essential services personnel requirement.
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HEARING REQUIRED: No Hearing Required
SUMMARY:
In January 2017, City Council approved the establishment of the Housing Initiatives Fund to supplement existing and future adopted Housing Division program initiatives. Subsequent to establishment of this fund, the Housing Division created the City of Pensacola Housing Incentive Program (COPHIP) to offer homebuyer assistance for persons meeting the definition of essential services personnel, as presented in the Local Housing Assistance Plan, to purchase homes located within the City of Pensacola. The program was created to supplement the existing First Time Homebuyer program adopted as part of the Local Housing Assistance Plan for the State Housing Initiatives Partnership program.
Since the program was introduced in January 2018, there has been increased interest from potential program participants that do not meet the definition of essential services personnel. Removing the essential services personnel criteria will allow all City personnel to participate in the program, offer an economic development incentive to businesses desiring to locate in the area, and address interest expressed by other area residents in the program.
Seven families have successfully completed purchase transactions since the program began in January 2018. The homes have been purchased by one and two person households for an average sales price of $135,343.
PRIOR ACTION:
January 12, 2017 - City Council approved establishing the Housing Initiatives Fund
FUNDING:
N/A
FINANCIAL IMPACT:
N/A
CITY ATTORNEY REVIEW: Yes
10/12/2018
STAFF CONTACT:
Keith Wilkins, City Administrator
Marcie Whitaker, Housing Administrator
ATTACHMENTS:
1) City of Pensacola Homebuyer Incentive Program
PRESENTATION: No end